Think of different ways to increase your income and free up extra money to pay down your credit card debt.

Could you work more hours, claim any overtime or extra responsibilities, or how about a second job for a few months?

Alternatively, have you got any assets that could be used to reduce your credit card debt? Have you got anything to sell? Do you have a change jar that is gathering dust? Or have you got any money sitting in a savings account? It makes no sense to be paying interest at a much higher rate on your debts, while you have savings that receive a low rate of return.

Every extra cent that you can throw at your debt will speed up the repayment period and save you money on interest.

8) Consider Consolidating.

If you own a property, it's possible to consolidate your debt at a much lower rate of interest by securing the debt over your house. Of course, if you take this option, your home will be at risk if you fail to keep up with the repayments.

If you don't like the sound of this option, it's still possible to wrap up your credit card debts at a lower rate of interest with an unsecured personal loan.  

We rarely recommend going out and getting debt to pay debt. A better alternative is structuring a program to eliminate unsecured credit card debts.

9) Consider Debt Settlement

Unlike debt consolidation, debt management, or credit counseling, which negotiates a lower rate of interest over a longer period of time, debt negotiation or settlement involves working within your financial capabilities to reduce the overall amount of your debt with your unsecured creditors.

The basic idea is simple; you select a company to deal with your creditors. They contact your creditors and make an offer of reduced payment on your behalf based upon a forecast of your financial capabilities. In many cases, the lender will accept the reduced amount if you are insolvent and there is little prospect of them receiving payment for the debt in full.

So in most cases, this option is usually chosen for people who reach the stage where they struggle to afford the monthly interest on their credit card debt.

10) Focus on the Future.

If you've ever thought "I wish I had more money", consider this:

Let's say you have credit card debts of $20,000. Which means a minimum monthly repayment of (at 3%) $600. If you didn't have that debt to repay, you'd have $600 of free income every month. That's $7,200 a year. That’s available income for you to spend or save as you choose. That's one of the major benefits of eliminating your credit card debt. Just consider how much "extra" income you'd have if you owed $30,000, $50,000 or even more.

So if you need any motivation to get out of debt, just think about the amount of your income that will be freed up.